Naira extends depreciation streak against dollar at official market

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The Nigerian currency continued its losing streak against the dollar at the official foreign exchange market on Thursday.

Data from the Central Bank of Nigeria showed that the naira weakened slightly to N1,380.11 per dollar, down from N1,380.07 recorded on Wednesday. This represents a marginal decline of N0.03 on a day to day basis.

At the black market, the naira remained flat at N1,400 per dollar on Thursday, the same rate as Wednesday.

The depreciation comes despite a rise in the country's foreign reserves, which increased by $51.21 billion on Thursday.

The naira has now fallen against the dollar for three consecutive days at the official window.

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